ING Profit Lifted by Loans and Deposits
November 03 2016 - 3:01AM
Dow Jones News
By Maarten van Tartwijk
AMSTERDAM--ING Groep NV (ING) reported a 27% rise in
third-quarter net profit as the Dutch bank benefited from loan and
deposit growth.
The Netherlands' largest bank by assets said net profit was 1.35
billion euros ($1.50 billion) in the three months to the end of
September, up from EUR1.06 billion a year ago. Underlying net
profit, which strips out one-off items, rose 22% to EUR1.34
billion.
ING said its loan book expanded by EUR3.6 billion in the
quarter, while it also attracted EUR2 billion in customer deposits.
The bank's net interest result, its key source of income, rose 8%
to EUR3.39 billion, while its net interest margin expanded to 1.55%
from 1.50% in the previous quarter.
ING last month said it would scrap 7,000 jobs in the next couple
of years as it seeks to reduce costs and invest in expanding its
digital operations. The bank is planning to cut 3,500 jobs in
Belgium and 2,300 in the Netherlands.
-Write to Maarten van Tartwijk at
maarten.vantartwijk@wsj.com
(END) Dow Jones Newswires
November 03, 2016 02:46 ET (06:46 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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